Never miss an update

Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29

Item specifics

Condition: New with defects :
A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour variations to scuffs, cuts or nicks, hanging threads or missing buttons that occasionally occur during the manufacturing or delivery process. The apparel may contain irregular or mismarked size tags. The item may be missing the original packaging materials (such as original box or tag).  New factory seconds and/or new irregular items may fall into this category.  The original tags may or may not be attached. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Please see pictures.
Country/Region of Manufacture: Australia Color: Antelope
Style: Booties Brand: Paul Green
US Shoe Size (Women's): 8 Heel Type: Block
Material: Suede UPC: 655325163581
Never miss an update

Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29 -

    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29
    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29
    Dan Post Ladies Brown/Black Daisy Cowboy Boots DP3623 , FRYE Women's Danica Harness Boot Chestnut Soft Oiled Suede 8 B(M) US , Jeffrey Campbell studded boot black and gold sz 6Matisse Sitka Over the Knee Tall Boots Black Leather Western Heel SZ 6 NEW $289 , Georgia Boots Blue Collar 5in Composite - Brown - WomensNIB Sam Edelman Sandy Calfhair Leopard Print Brahma Sizes 6, 9.5M , RIOS OF MERCEDES Oxblood Full Quill Ostrich Leather Cowboy Boots Womens Size 5 BNew Womens Frye Cara Roper Short Chocolate Brown Ankle Boots Bootie Shoe Sz 6.5 , OTBT SHOES FALL RIVER BOOTIES BEIGE BLACK 8 ANKLE BOOTS $180 NEW , Aquatalia Shari Perforated Peeptoe Bootie - Size 8 US$438 Frye Melissa Harness Inside Zip Boot 7B Black Soft Vintage Leather , HARLEY DAVIDSON Black Leather Ankle Mid Calf Motorcycle Riding Boots WOMEN'S 6.5 , Ladies White Leather Frye Squared Toe Cowgirl Boots Sz: 6 B (Z) , New Ladies Womens JUSTIN Vintage Black 8 1/2B Black Calf Cowboy BootsDiesel Wedge Boots Zip Up Size:7.5 US / 38 UR , Justin Ladies Waxy Coffee Turquoise Stitching Western Boot SVL2002 , Womens COLE HAAN Bronze/ Metallic Leather Ankle Boots Sz. 7.5 B , Ladies Brown / Beige Dan Post Cowgirl Boots Sz:7 M (Z)Women's COLE HAAN TALI 228892 brown leather wedge waterproof boots sz. 9 B , Rocky Women's TMC Postal Approved Duty Oxford Shoe Black FQ0005101 , Harley Davidson Sexy Cowboy Western women's boots size 7.5 M VW Cowgirl , Justin Ladies Sorrel Apache Square Toe Western Boots L2552 NewSam Edelman Elina Over the Knee OTK Boots Burgundy Suede Womens Tall Boots 8.5 , PAUL GREEN CASHA Suede Heels Womens Designer Boots Shoes 6 NEW IN BOX , Frye Melissa Button Cognac Leather Knee High Riding Boots 3477167 sz: US 6.5 BNocona Ladies Wildside Grey Cowhide Boot LD4501New Womens Harley Davidson D85041 Serita leather cycle Boot , ADORE-1018DCS 7" CHROME BOTTOM DIAMOND COVERED POLE DANCE PLATFORM ANKLE BOOT , Gentle Souls Womens Canary XL Monk Strap Ankle Bootie Shoe, Plum, US 7.5
    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29 ->Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29 -
    Free People FREEBIRD PIPER PLATFROM $225 Black Suede Heels Oxford Shoes Booties , POUR LA VICTOIRE $425 Rebecca Knee BOOTS Ladies size 6 M Brown Oil Suede OTK New , aquila doyle boots Suede charcoal  eu44 uk10 us11  new , Valentino Couture Patent Leather Bow Platform Wedding Pumps Nude Beige 35.5/5.5 , Steve Madden Partyy Fuschia Satin Heels Pumps New In Box Size 8.5Bamboo Peep Toe Metallic Cone Heel Booties , J. RENEE Womens VEEVA Silver/Gray Glitter Pointed Toe Heel Size US 10W , Stuart Weitzman Realdeal Women's Platform High Heels Sandals Pale Gold Glass 9.5 , Calvin Klein Womens Luigina Open Toe Casual Ankle Strap Sandals , Nike Air Max Destiny TB Basketball White Black Sneakers Shoes Mens 6 Womens 7.5Nike Air Max Destiny TB Basketball White & Red Sneakers Athletic Shoes Mens 15 , Man's/Woman's Sneakers National Standard Fine processing the most economical cheap priceNEW NIKE LEBRON SOLDIER IX 9 PRM = SIZE 11.5 = MENS BASKETBALL SHOES 749490-670 , Nike Air Max 90 Ultra 2.0 Essential [875695-101] NSW Running White/White-Silver , Nike Air Jordan 13 136002 132 He Got Game Size 9 ShoesNEW KEEN NEWPORT LEATHER MEN'S SANDALS WATERPROOF LEATHER WALKING BISON US 11SUMIKKO GAME CHANGER SIZE 11.0 MEN AUTHENTIC RED RED NEW SUEDE & LEATHER UPPERNEW CONVERSE JOHN VARVATOS CHUCK TAYLOR SHOE SNEAKER MEN 7M WOMEN 9M CHILI PEPPE , BRASS BOOT Men's Loafer Style Shoes 13 M Black Moc Toe India Hand Made Leather , Amali Microfiber Faux Suede Men's Slip on Dress Shoe Tassels Montel $59.99ea NEWNew Florsheim Comfortech Heath 7 W black (2527)JCrew $198 Kenton Bluchers Sz 10.5 Black Leather Shoes H8770 AVL , adidas Women's NEO Cloudfoam Racer TR Running Shoe , Brand New Women's NIKE Roshe One Flyknit Running Training Shoes SIZE 10 , MIZUNO WAVE CREATION 15 WOMAN SIZE 6.0 NEW RARE AUTHENTIC RUNNING J1GD140140 , NIKE Womens Nike Hakata AJ8880-003 BLACK/WHITE-WOLF GREY Womens Size 7Primeboots Women's Black with Gray Design, Size 8Franco Sarto Short Boots Silver Size 8CLARKS Women's Caddell Rush Boot Brown 8 M USFrye Melissa Button Brown Womens Shoes Size 6 M Boots MSRP $368 ,
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Paul Green $389 Women's Pandora Women's Suede Block Heel 8 Booties Size 8 Antelope Retail $389 ba13b29